1933 Industries Pauses CBD Manufacturing Division
- None.
- Market demand for hemp-infused CBD products has decreased post-COVID.
- Increased competition and closure of brick-and-mortar stores contribute to the decline.
- Lack of federal rules on CBD products and ambiguity surrounding Delta 8 compounds hinder market growth.
VANCOUVER, BC / ACCESSWIRE / March 12, 2024 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis cultivator and producer, announces that it will be suspending its Canna Hemp™ CBD consumer packaged goods subsidiary, as it assesses the viability of the CBD market going forward. The market demand for hemp-infused CBD products has continued to decrease since the COVID pandemic, primarily due to increased competition, the closure of brick-and-mortar stores, and customers exiting the CBD category. The lack of federal rules on CBD products, and the grey area surrounding the introduction of psychoactive Delta 8 compounds into products under the ambiguity of the Farm Bill continue to erode the traditional CBD market and hinder future growth.
About 1933 Industries Inc.
1933 Industries is a Nevada-based company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings through its in-house brands include: wholesale flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; and Canna Hemp™, a national cannabidiol (CBD) brand of wellness products that includes tinctures, gummies, topicals and sports recovery products. The Company owns
For further information please contact:
Alexia Helgason, VP, IR, Media
604-728-4407
alexia@1933industries.com
Paul Rosen, CEO
paul@1933industries.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: 1933 Industries Inc.
View the original press release on accesswire.com
FAQ
Why is 1933 Industries Inc. suspending its Canna Hemp CBD subsidiary?
What factors have led to the decrease in market demand for hemp-infused CBD products?
How is the CBD market affected by the lack of federal rules on CBD products?
What challenges does the introduction of psychoactive Delta 8 compounds pose to the CBD market?
